Tokyo CPI data is available earlier than the National CPI

Tokyo CPI 0.6% y/y as expected

  • expected 0.6%, prior was 0.9%

Tokyo CPI excluding Fresh Food 0.7% y/y

  • expected 0.8%, prior was 0.9%

Tokyo CPI excluding Food, Energy 0.7% y/y

  • expected 0.7%, prior was 0.8%

That final one, excluding Food, Energy is the closest to the US measure of core inflation. We'll get the national result for the month in a few weeks time and if its anything like the result for the Tokyo area released today (it isn't usually far away) then the same old applies, we are a LONG way from the BOJ 2% target.

At the same time we got unemployment data from Japan released, it sropped:

So, low unemployment, low inflation. What's not to like? Well, slow growth. Still, its better than slow growth with high inflation and unemployment, right? Feel free to discuss in the comments, demograhic impacts etc.

Yen … little changed.